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SECURITY: MAC
(Common) EXCHANGE: New York Stock Exchange CURRENCY:
US Dollar
The Macerich Company is a
fully integrated self-managed and self-administered real estate investment
trust, which focuses on the acquisition, leasing, management, redevelopment
and development of regional malls and community centers throughout the
United States. The Company is the sole general partner and owns an 82%
ownership interest in The Macerich Partnership, L.P. Macerich now owns
interests in 56 regional malls, 20 community centers and two development
properties totaling approximately 58 million square feet
401 Wilshire Boulevard, Suite
700 Santa Monica, CA 90401
phone number 310-394-6000
fax number 310-395-2791
Macerich
Announces 13% Increase in FFO Per Share
SANTA
MONICA, Calif., Aug. 4 /PRNewswire-FirstCall/ -- The Macerich Company (NYSE:
MAC) today announced results of operations for the quarter and six months
ended June 30, 2005 which included funds from operations ("FFO") per share
-- diluted increasing 13% to $1.00 compared to $.89 for the quarter ended
June 30, 2004 and increasing to $1.99 for the six months ended June 30,
2005 compared to $1.79 for the comparable period in 2004. Total FFO --
diluted increased by 13.2% to $77 million for the quarter compared to $68
million for the quarter ended June 30, 2004 and to $153 million for the
six months ended June 30, 2005 compared to $137 million for the comparable
period in 2004. The Company's definition of FFO is in accordance with the
definition provided by the National Association of Real Estate Investment
Trusts ("NAREIT"). A reconciliation of net income per common share-diluted
("EPS") to FFO per share-diluted is included in the financial tables accompanying
this press release.
Net
income available to common stockholders for the quarter ended June 30,
2005 was $6.7 million or $.11 per share-diluted compared to $17.1 million
or $.29 per share-diluted for the quarter ended June 30, 2004. For the
six months ended June 30, 2005 net income available to common stockholders
was $24.9 million or $.42 per share-diluted compared to $35.2 million or
$.60 per share- diluted for the six months ended June 30, 2004. A reconciliation
of net income to FFO is included in the financial highlights section of
this press release.
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